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Select the correct answer.
What are factors of production?
all the human efforts involved in the production process
B.
all the resources used to produce any goods and services
C.
all the physical tools and equipment used in the production process
all the naturally occurring resources found in land, air, and water
D. all the naturally occurring recourses found in land, air, and water
A. all the human efforts involved in production process

Respuesta :

The correct option is B. All the resources used to produce any goods and services are known as factors of production.

The resources that make up the foundation of the economy and are used by people to produce products and services are called factors of production. The four categories of factors of production that economists distinguish between are land, labor, capital, and entrepreneurialism.

Inputs, resources, or factors of production are what are utilized in the production process to produce output, or finished goods and services, in economics. The production function, a relationship, describes how much of each input is used to determine how much output is produced.

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